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Key Highlights
- ETH price traded above the $290 level and almost tested the $300 resistance against the US Dollar.
- This is an ascending channel in place with support at $291 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to correct lower in the near term towards the $286 or $285 support.
Ethereum price is moving nicely above $285 against the US Dollar, but stayed bearish vs bitcoin. ETH/USD may well correct lower towards $285 before resuming upsides.
Ethereum Price Trend
There was a slow and steady rise in ETH price from the $274 swing low against the US Dollar. The ETH/USD pair traded higher and broke the $285 and $290 resistance levels. There was even a close above the $285 level and the 100 hourly simple moving average. The price climbed higher and it almost tested the $300 resistance zone. A high was formed at $298.31 and the price is currently correcting lower.
It is currently testing the 23.6% Fib retracement level of the recent leg from the $274 low to $298 high. More importantly, there is an ascending channel in place with support at $291 on the hourly chart of ETH/USD. If there is a break below the channel support, the price may well test the $286 support. It represents the 50% Fib retracement level of the recent leg from the $274 low to $298 high. Additionally, the $285 level is also a decent support for buyers in the near term.
Looking at the chart, ETH price is placed nicely above the $285-286 zone. If it bounces from the channel support, it could retest the $298 high. Above the high, the price is likely to break the $300 resistance for a new intraday high. On the downside, below $291, the $285 and $286 levels are important supports.
Hourly MACD – The MACD is slightly placed in the bullish zone.
Hourly RSI – The RSI is currently correcting lower towards the 55 level.
Major Support Level – $286
Major Resistance Level – $298
